Proximity Mobile Payments Market is expected to grow at a CAGR of 15.1% during the forecasted period | Evolve Business Intelligence

As per the study initiated by Evolve Business Intelligence, the global Proximity Mobile Payments Market size accounted for USD 18.1 Billion in 2023, growing at a CAGR of 15.1% from 2023 to 2033. Proximity mobile payments refer to transactions made using a mobile device, such as a smartphone or a smartwatch, in close physical proximity to a point-of-sale terminal. This technology enables users to make payments for goods and services without the need for physical cash or traditional payment cards.

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Proximity mobile payments offer a convenient and quick way for users to make transactions without the need for physical wallets or cash. This convenience is a significant factor driving the adoption of this payment method. With the rise of contactless payment technologies like NFC (Near Field Communication), users can make payments by simply tapping their mobile devices on compatible terminals. The ease of use and speed of transactions contribute to the popularity of proximity mobile payments. Mobile payment technologies often incorporate robust security features, including encryption and tokenization, to protect users' financial information. The perception of enhanced security compared to traditional payment methods is a key driver for adoption. As smartphone penetration continues to grow globally, more people have access to devices capable of supporting proximity mobile payments. This increased device adoption contributes to the expanding market. The proliferation of mobile wallet applications, such as Apple Pay, Google Pay, and Samsung Pay, has played a crucial role in popularizing proximity mobile payments. These applications streamline the payment process and offer additional features like loyalty programs and discounts. As consumers become more comfortable with digital technologies and online transactions, there is a growing acceptance of mobile payments as a mainstream method for in-person transactions.

Key Players
Some of the major Proximity Mobile Payments Market players holding high market shares include ACI Worldwide, Inc. These players use partnership and collaboration as a key strategy to gain significant market share to compete with market leaders. Some of the other major market players include Alphabet Inc. (Google), Apple Inc., FIS, IDEMIA, Ingenico, Mastercard, PayPal Holdings Inc., Square, Inc., and Visa Inc

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Segmental Analysis
Based on the offering, the Proximity Mobile Payments market is segmented into Solutions and Services. Solution The segment is expected to be the largest, accounting for more than three-fourths of the market share. This is due to the increasing demand for comprehensive solutions that provide both the hardware and software required for proximity payments. These solutions offer convenience, security, and efficiency, making them attractive to businesses of all sizes.
Based on the Application, the Proximity Mobile Payments market is Grocery Stores, Bars and restaurants, Drug Stores, Entertainment Centers, and Others. Grocery Stores segment is expected to hold the largest market share, accounting for more than one-third of the total share. This is due to the high transaction volume and fast-paced environment of grocery stores, where quick and efficient payment processing is crucial.

Key Region/ Countries Covered
• North America (US, Canada, Mexico)
• Europe (Germany, U.K., France, Italy, Spain, Russia, Nordic Countries, BeNeLux, Rest of Europe)
• Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Rest of Asia Pacific)
• Middle East and Africa (Saudi Arabia, UAE, Egypt, South Africa, Rest of MEA)
• Latin America (Mexico, Brazil, Argentina, Rest of Latin America)

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